All right, good morning, everybody.

Thank you for being here.

I'm going to go ahead and call this meeting to order.

We are here for the legislative committee meeting.

We are noticed today from 11 a.m.

to 12 p.m.

And we will start with member introductions in the room.

Donald Handlin.

And Brawley.

Zach Johnson.

And on the phone, I see Member Silvers.

Great.

Thank you.

All right.

We are going to change the order around just a little bit today.

We were hoping to get update from our meeting lobbyist, however, she was had a cancel.

So we will go ahead and jump right into an update on federal housing legislation.

And we have a representative from obvious uh Brownstein on the phone.

If you could introduce yourself for the record, and uh please take it away when you're ready.

Hi everyone, uh I'm Joel Herberman, uh policy advisor of Brownstein.

Um so I'm here just to provide a brief presentation on the 21st Century Road to Housing Act, uh, which became law uh last month.

So happy to answer any questions you might have.

Um and so I believe my colleagues, uh Zach Sister and Leah Dempsey provided an update a few months back.

Um and since then, a lot has sort of happened to get the bill into law.

So just a brief sort of overview of the process.

The uh House Financial Services Committee and Senate Banking Committees both sort of crafted their own bills and over the course of the early months of the year, spent a good amount of time sort of sending them back to each other, a lot of uh different policy disagreements between chambers.

Um, but ultimately in June, both committees and their leadership came to an agreement on a final package, which passed out of the Senate by an 85 to 5 vote, and the House by a 358 to 32 vote.

Uh the final bill stripped out a controversial provision that required large institutional investors to divest of their bill to rent homes seven years after seven years.

That was taken out.

Um, and also uh a good number of community banking provisions were also in the final bill.

Um so the president was uh scheduled to sign the bill into law on June 24th.

Um, but due to some politics around uh election legislation, um, the president declined to sign the bill into law, but it ultimately became law on July 10th without the president's signature.

Uh so under the constitution, a bill that's presented to the president becomes law after 10 days if the president doesn't sign it or veto it.

So at this point, uh the focus turns to implementation.

Uh the Department of Housing and Urban Development has dozens of provisions to start implementing.

Um 59 provisions were in the bill to be exact, um, and over a hundred different pieces of guidance, rulemakings, and other items need to be set up.

Um, so I can just highlight a few of the provisions that may be of most interest to Anchorage.

Um, so one provision that made it in was the Build Now Act, which allows CDBG recipients to have their allocations adjusted.

Um due to their uh housing supply growth.

Um so this would take place uh three years, three fiscal years after enactment.

So believe FY 2029 is when this would first um sort of enter the CDBG program.

Um and HUD is also required to notify recipients by September of this year of their housing growth rate and sort of issue guidance explaining how the CDBG share would be calculated.

Uh so that's something to look forward to pretty soon.

Um, there's also provisions on uh publicly owned land database, um, which CDBG grantees would be required to implement.

Um, also pilot programs on uh innovation fund, housing planning and implementation grants, um, and a good number of other uh provisions as well.

So happy to take any questions uh on any of that.

All right, thank you.

And we do have a question from uh member Brawley.

Yeah, thank you.

And I yeah, I appreciate the uh overview.

And I know there's a lot of organizations looking at this who were involved in the advocacy and unpacking it as well.

So that's great.

I guess I have a few questions.

One is, uh, and again, like you said, there's rulemaking, there's all these kind of implementation pieces.

So it's not that it's immediately changing everything now.

But I'm curious in general, what the timeline is.

Um, you know, has HUD said, you know, is it a year, or I don't know what the bill actually says in terms of um time frame?

That's my first question.

Then I have a couple others.

Sure.